Hail to this Raleigh project, my property value should be going up soon. Hooley :))
Seeing as my livelihood is partially based on development, I too am speaking from first hand knowledge. I am not seeing why you think you disagree with me when you relayed the outcome of my post. The fact that their is a greater risk of seeing less profit in the Memphis metro real estate market was exactly my point.
Why would any financial institution invest money in a market where returns (making money) from new development (homebuilding) carry a significant risk? Specifically with the knowledge that said funds could be invested in other markets where the odds of realizing higher returns were greater.
You need to better understand and/or define the characteristics used to define quality of life. For example, did employment opportunities and the quality of those jobs play a role in the ranking process? Was the increase of opportunity and quality of employment over a period of time given weight?What weight was given to cost of living (it usually plays an outsized role in many lists and is compounded by not taking a location's average and median income into account)? When academic circles try to define quality of life, they typically include a wide range of economic indicators and trends. These same factors are only lightly employed by click-bait/media sources. Based on a well rounded group of metrics, those same homebuilders would not be concerned about lack of sales or the ability to make profit if Arlington did in fact have a high quality of life defined in part by such indicators as those mentioned above.
While the Carlisle's have taken entirely too long on this project and I understand the want to save historic buildings- if more comes out soon would it be better to have an old warehouse or new skyscrapers? This is why we've been left behind on many things. Not to mention on their fb page it references turning it into a Loflin type restaurant... has there been anything in the news this week about a failure of putting tons of $ into an abandoned building turned restaurant!?!? As much as they are pointing at the developers saying they have no plans, does MH really at all either? If other plans for skyscrapers come up are they going to protest because an old unused building is on its site?
Yeah, I don't think so. The homebuilders i talked to didn't build because they did not think, given the recession, they could make money by homebuilding. The biggest fear was lack of sales when they were heavily financially leveraged. But I would be interested in knowing more about those quality of life metrics you are talking about. I do know that Arlington is constantly among the towns selected by magazines as the best places to live in Tennessee. So I am bit confused that our metrics may not measure up.
Ah, but you are in competition with the suburbs of Nashville and Atlanta...and Austin, Dallas, OKC, Charlotte, Birmingham, Louisville, St Louis, New Orleans, etc...
One of the reasons for the local "lot shortage" is the difficulty in obtaining financing for the development of new subdivisions. That in turn is linked to sluggish local and metropolitan economic indicators. While capital is abundant, it is still a limited resource so investors and developers tend to utilize that resource in a way which provides the greatest and most assured return. Why invest in real estate in metropolitan Memphis where development costs may be low but so are the potential returns, when a slightly greater outlay in initial investment in a place like metro Nashville has an increased probability of seeing returns that are greater by several magnitudes?
Were an employer or multiple employers (from outside the region) to establish locations in Arlington or its immediate environs with thousands of job openings characterized by salaries paying an average exceeding the national average, you can be certain that the number of homes and population growth in Arlington would increase dramatically because the odds of improved returns on new development would increase.
I do not doubt that life is very pleasant in Arlington. However, similar suburbs around other cities exceed that quality in various metrics. That fact should not be interpreted as reducing Arlington's quality of life in any way.
Grove- trust me, I get it. In fact, that is exactly what I was saying. The quality of life in suburban areas of a major city can offset the lack of said quality in the central city when attracting talent. There are innumerable suburbs that have redefined at least a portion of the area within their municipal boundries as independent urban centers with all the benefits and characteristics typically found in a vibrant core city's downtown.
However, this is not the case here. As you said- and in line with the point I made originally- this is not a suburbs vs. Memphis issue. In the case of the Memphis metro, the quality of life of both the central city (Memphis) AND it's suburban areas is lacking in the appealing qualities found in peer metropolitan areas and even many of the metros much smaller than our own.
You can probably attest to the issue of a weak central city being a difficult (yet surmountable) obstacle, where a weak metropolitan area presents a nearly impossible hardship.
Agreed, the suburban ring around Detroit being a prime example. In my little burg, the lack of housing is the major factor stifling growth. There have not been many new houses built out here since the recession, although our Aldermen have recently approved development of another 800 lots. Hence, houses don't stay on the market here for very long at all. That would be the first thing to consider when evaluating growth here. As far as I can tell, no one is complaining about the our quality of life and I don't think we are in any sort of competition with the suburbs in Atlanta or Nashville.
AP- The quality of life for both "locations" can be dependent on each other. However, there are many urbanized areas in the US where the central city's economy and/or population are stagnant or in decline, yet the suburban ring is excelling at attracting both residents and employers.
In general, I am not concerned with whether my comments are liked or disliked. The inability to appreciate context and realize certain subtleties is as much (if not more) a criticism of the reader as it is the author. If one stamps satire as such just so everyone can play along, it ceases to be satirical.
Maybe not being quite so concerned with comments associated with an article would help reduce the angst this situation has generated.
Sorry, @barf - if you have to explain it, then it wasn't a very successful attempt a humor or sarcasm. Based on the number of dislikes of your comment, clearly others took yours at face value as well. Maybe a direct reply @FUNK would have helped relate the comments. Otherwise it just exists in a, er, sous vide?
Consider the post to which you are referring and its relation to the comment from Funk which immediately preceded my own. Now imagine a satirical spotlight being cast in the same direction. Get it?
@barf - Memphis is a dump and you can't sell quality here, huh? Weird you run your own dining blog if your opinion is that everything here is such crap. I'm sure the restaurants you patronize would LOVE to know your true feelings about their businesses....
One way this will be different is that Uber drivers will already be available for it and are paid per run. Take Out Taxi had to have people on the clock just in case an order came in. Which meant that they were just hanging out (making an hourly wage) and waiting for a phone call to come in and then they would have to figure out how to best time out a delivery.
Plus in the 90s you could get pizza or chinese food delivered without a delivery charge. Now, a delivery fee is pretty common so people don't balk at paying $6 to get something better delivered.
I would like to see that monstrous apartment complex in southeast Memphis, now called the Madison knocked down. It is a crime incubator.
I am a live and let live kind of guy, but apartment complexes need to be limited in units for the sake of the surrounding home owners.
The numbers are looking bad for the administration. They may need to start talking about digging up the dead general on Union to divert the attention span of this city.
Is there going to be a part where the mayor flew to Dallas on the taxpayers dime to sell a Greyhound bus terminal?
How is this different from the failed "Take-Out Taxi" business from the 90s? The restaurants didn't really make the To-Go orders a priority. It would mean long wait / delivery times and your order was often cold or incorrect. It's a good idea, but the businesses weren't /aren't incentivized to provide the same service as to dine in guests.
Great line up this season. I hope all can get out to enjoy the venue and the setting in Overton Park. Who knows how long it will last with the zoo and the city council doing all they can to turn it into a parking lot.
The sky ain't blue when it's raining, no matter what the poets want you to believe.
I could easily quote a source to say the sky is blue, but why would I? Anyone with a pair of eyes can see it's blue if they're willing to look.
By Chris McCoy
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